IDFC to buy Gurgaon expressway from DSC
Following the termination notice issued by the NHAI in February 2012 to DSC alleging operational incompetence and raising of loans of R1,275 crore from IDFC without prior approval from the authority, DSC had moved the Delhi High Court challenging the NHAI move. A court-initiated settlement was reached between the two under which DSC is required to construct more toll plazas along the expressway to ease traffic but NHAI remained sceptical of the developer’s ability to run the project.
“IDFC had earlier expressed interest to buy out 74% of the DSCL equity but we asked them to buy out 100%,” an official said. Earlier, IDFC had written to NHAI expressing its intent to buy a 74% stake in the project, a proposal that would have kept 24.8% with DSC, the sole owner of DGSCL right now, and 1.2% with the Jaypee Group. “DSC’s stake would serve no purpose when IDFC will have majority. Our experience has been bad with the
Be the first to comment.